In comments to the press in Erie, Pennsylvania, Trump said, "I think the Fed is making a mistake". "They're so tight. I think the Fed has gone insane". "They're so tight." He noted of today's market, "It's a correction that we've been waiting for, for a long time".
The Dow Jones stock market average dropped by 831 points, which is 3.15 percent of its opening value on Wednesday.
Trump has often pointed to stock market records set during his time in office as a measure of his success.
Last week's jump in yields followed strong USA data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programmes.
The president told reporters Wednesday that he believed the drop was a correction, and that the Federal Reserve Bank was to blame for raising interest rates.
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But Mnuchin said in media interviews on the Indonesia resort island of Bali, where the World Bank and International Monetary Fund are meeting, that "this is not a systemic issue".
The steep drop in Japan followed a decline on Wall Street of almost 830 points, the biggest fall since February, amid Trump's latest criticism of the Federal Reserve, the United States central bank. "The trade war with China, we're taking in billions of dollars in tariffs from China, from Chinese goods, and it hasn't hurt us at all".
The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August.
O'Hare attributed the losses to worries about higher interest rates but also cited a "broad-scale deterioration in sentiment" as investors realized that the pullback on Wall Street failed to prompt bargain hunting to stabilize prices, as has been the norm in recent years.
Mnuchin declined to comment on Trump's latest attack on the US central bank, though he repeated that the Fed has independence. "But I really disagree with what the Fed is doing, okay?"
The gradually rising rates, Fed officials say, are meant to guard against any quick run-up in inflation, while remaining low enough so far for the recovery and a strong run of job growth to continue. Fed officials including Powell, Trump's handpicked chair, have said pointedly that they will not be influenced by comments from elected officials, and will make decisions based on economic data.
Trump has said he likes low interest rates, in part because of his background in real estate.